Third of UK over 50s are without pension pot

Piggy Bank

Disturbing new reports have revealed that a huge amount of middle aged Brits have not saved enough money for a pension.

Financial service firm MetLife Europe conducted a survey to establish how many Brits were adequately saving for their pension years. Only one in four of the over-50s respondents said they felt secure with their retirement pot. A third of these people added that they had not even started saving for their pension.

More than half of the respondents said that their financial planning had suffered due to the recent economic woes that have swept the nation.

Peter Carter, the head of product marketing at MetLife's UK branch, said: "Savers need expert advice and guidance, while pension companies need to work closely with independent financial advisers to deliver solutions. Sadly the experience of the last two years shows that even those who have done all the right things have been left struggling."

If you are worried about your pension and feel that you could use a hand with the planning aspect, visit our pensions and retirement planning section or speak to a recommended IFA today.